SP properties: what changed
Two financial years side by side, explained: what moved most in the balance sheet and the result, why the result rose or fell, and where the money went.
SP properties
Largest movements
- Stocks and contracts +€3.0m
up €3.0m (+107.5%), from €2.8m to €5.7m
- Receivables within one year -€644,758
down €644,758 (-86.5%), from €745,550 to €100,792
of which Trade receivables: -€630,234
- Debts after one year +€1.1m
up €1.1m (+102.6%), from €1.1m to €2.2m
- Short-term financial debts +€670,440
up €670,440 (+130.5%), from €513,560 to €1.2m
- Other debts +€501,843
up €501,843 (+18.5%), from €2.7m to €3.2m
- Tax, wage and social debts -€79,155
down €79,155 (-84.3%), from €93,925 to €14,770
- Trade debts -€69,748
down €69,748 (-80.8%), from €86,330 to €16,581
- Gross operating margin +€221,669
up €221,669 (+61.1%), from €362,681 to €584,350
- Taxes +€55,575
up €55,575 (+47938.3%), from €116 to €55,691
- Staff costs -€18,953
down €18,953 (-100.0%), from €18,953 to €0
- Depreciation +€9,085
up €9,085 (+27.7%), from €32,772 to €41,857
- Financial charges -€8,742
down €8,742 (-3.2%), from €271,823 to €263,081
From the 2024 result to the 2025 result
Each bar is the change in one income-statement line, as its effect on the result: higher costs pull it down, higher income lifts it.
Cash bridge derived
Derived from the 2024 and 2025 balance sheets and the 2025 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €4,711,593 | €6,953,089 | +€2.2m | +47.6% |
| Fixed assets | 21/28 | €1,079,477 | €1,016,575 | -€62,902 | -5.8% |
| Intangible fixed assets | 21 | €40,836 | €30,836 | -€10,000 | -24.5% |
| Tangible fixed assets | 22/27 | €1,038,641 | €985,739 | -€52,902 | -5.1% |
| Land and buildings | 22 | €1,000,807 | €982,529 | -€18,279 | -1.8% |
| Plant, machinery and equipment | 23 | - | €1,988 | +€1,988 | |
| Furniture and vehicles | 24 | €37,833 | €1,222 | -€36,611 | -96.8% |
| Current assets | 29/58 | €3,632,116 | €5,936,514 | +€2.3m | +63.4% |
| Stocks and contracts in progress | 3 | €2,757,635 | €5,722,884 | +€3.0m | +107.5% |
| Stocks | 30/36 | €2,757,635 | €5,722,884 | +€3.0m | +107.5% |
| Amounts receivable within one year | 40/41 | €745,550 | €100,792 | -€644,758 | -86.5% |
| Trade receivables | 40 | €630,717 | €483 | -€630,234 | -99.9% |
| Other amounts receivable | 41 | €114,833 | €100,309 | -€14,523 | -12.6% |
| Cash at bank and in hand | 54/58 | €27,833 | €24,928 | -€2,904 | -10.4% |
| Deferred charges and accrued income | 490/1 | €101,099 | €87,910 | -€13,190 | -13.0% |
| Total equity and liabilities | 10/49 | €4,711,593 | €6,953,089 | +€2.2m | +47.6% |
| Equity | 10/15 | €6,316 | €5,319 | -€998 | -15.8% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €1,316 | €319 | -€998 | -75.8% |
| Amounts payable | 17/49 | €4,705,277 | €6,947,770 | +€2.2m | +47.7% |
| Amounts payable after more than one year | 17 | €1,099,642 | €2,227,805 | +€1.1m | +102.6% |
| Financial debts | 170/4 | €1,099,642 | €2,227,805 | +€1.1m | +102.6% |
| Amounts payable within one year | 42/48 | €3,462,944 | €4,553,436 | +€1.1m | +31.5% |
| Current portion of amounts payable after more than one year | 42 | €58,290 | €125,403 | +€67,113 | +115.1% |
| Financial debts | 43 | €513,560 | €1,184,000 | +€670,440 | +130.5% |
| Credit institutions | 430/8 | €513,560 | €1,184,000 | +€670,440 | +130.5% |
| Trade debts | 44 | €86,330 | €16,581 | -€69,748 | -80.8% |
| Suppliers | 440/4 | €86,330 | €16,581 | -€69,748 | -80.8% |
| Taxes, remuneration and social security | 45 | €93,925 | €14,770 | -€79,155 | -84.3% |
| Taxes | 450/3 | €93,925 | €14,770 | -€79,155 | -84.3% |
| Other amounts payable | 47/48 | €2,710,839 | €3,212,682 | +€501,843 | +18.5% |
| Accrued charges and deferred income | 492/3 | €142,691 | €166,529 | +€23,837 | +16.7% |
| Non-recurring operating income | 76A | €15,331 | €4,605 | -€10,726 | -70.0% |
| Remuneration, social security and pensions | 62 | €18,953 | €0 | -€18,953 | -100.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €32,772 | €41,857 | +€9,085 | +27.7% |
| Other operating charges | 640/8 | €25,617 | €31,269 | +€5,652 | +22.1% |
| Non-recurring operating charges | 66A | - | €323 | +€323 | |
| Gross operating margin | 9900 | €362,681 | €584,350 | +€221,669 | +61.1% |
| Operating profit (loss) | 9901 | €285,339 | €510,901 | +€225,563 | +79.1% |
| Financial income | 75/76B | €2,923 | €872 | -€2,050 | -70.2% |
| Recurring financial income | 75 | €2,923 | €872 | -€2,050 | -70.2% |
| Financial charges | 65/66B | €271,823 | €263,081 | -€8,742 | -3.2% |
| Recurring financial charges | 65 | €271,823 | €263,081 | -€8,742 | -3.2% |
| Profit (loss) for the period before taxes | 9903 | €16,439 | €248,693 | +€232,255 | +1412.9% |
| Income taxes | 67/77 | €116 | €55,691 | +€55,575 | +47938.3% |
| Profit (loss) for the period | 9904 | €16,323 | €193,002 | +€176,680 | +1082.4% |
| Profit (loss) for the period to be appropriated | 9905 | €16,323 | €193,002 | +€176,680 | +1082.4% |
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 11 October 2026 via checked.be.